Farmers’ Struggle
The plight of marginal farmers in India is an urgent issue that demands immediate attention. These farmers, who own or lease less than one hectare of land, represent over 65 per cent of the farming community.
Aiming to strengthen provisions related to fraud prevention, the Pension Fund Regulatory and Development Authority (PFRDA) has notified the Trustee Bank (TB) (Amendment) Regulations, 2023 and the Central Recordkeeping Agency (CRA) (Amendment) Regulations, 2023, the finance ministry said on Thursday.
The amendments to Trustee Bank Regulations simplify and strengthen the provisions related to implementation of fraud prevention and mitigation policy, compensation to the subscriber, invitation of application for new registration and surrender of certificate of registration, the ministry said.
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While the amendments to Central Recordkeeping Agency (CRA) Regulations simplify and strengthen the provisions related to governance of CRA in line with Companies Act, 2013 and enhanced disclosure of information by CRA.
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It also highlighted the other notable amendments which include implementation of fraud prevention and mitigation policy by CRA to protect the interest of subscribers; Inclusion of certificate by CEO in the annual report in respect of adequacy and effectiveness of internal controls, compliance and audit processes; and the criteria of ‘fit and proper person’ has been introduced for CRA and its key personnel.
Notably, these simplifications are in line with Union Budget 2023-24 announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business.
Earlier this week, PFRDA has notified the National Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment) Regulations 2023 with amendments to NPS Trust Regulations.
The amendments to NPS Trust Regulations simplify the provisions related to appointment of Trustees, their terms and conditions, holding of meetings of Board of Trustees and appointment of CEO – NPS Trust.
Amendments to Pension Fund Regulations simplify the provisions related to governance of Pension Funds in line with Companies Act, 2013 and enhanced disclosure by Pension Funds.
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